The beginning of geothermal ELEVO Energy has generated $ 462 million to complete the largest large power plant and start construction on several others because the race to provide electricity is becoming hungry.
The new funding will help the company continue work in Utah while starting development on several others, Sara Jewett, Fervo’s Senior President of Strategy, told TechCrunch. The new round is led by B capital and includes investors such as Centaurus capital and Google.
Fervo has it Deal Now with google to provide electricity for data centers.
Fervo has targeted 2026 to bring the first phase of the Cape station online, and Jewett confirmed that it will be “mechanically” this year. “It’s very real and very real.”
The new round comes six months after the initial announcement of A $206 million financing packageincluding project-level option loans and equity, for the Cape station. Last year, Fervo raised nearly $500 million in equity and debt.
Geothermal growth has been around for many years, but recently there has been a lot of growth due to favorable conditions for the prospect.
Chief among them is the demand of the Rising climbing center. Big tech companies like Google and Meta have looked at Geothermal as a potential solution to their energy needs. Earlier this year, an analysis by the Rhodium Group found that 2030, which could provide geothermal nearly two-thirds of new data center demand at or below what carriers are paid today.
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Geothermal is also viewed favorably in the Trump administration. Energy Secretary Chris Wright is a previous company, freedom energy, involved in a $138 million round Fervo is set to launch in 2022. Like its peers, the company uses drilling techniques and directions borrowed from the oil and gas industry. Many Fervo employees are used to working in oil and gas, applying their knowledge of drilling and subsurface development to new challenges.
Fervo is considered a frontrunner among geothermal startups, which is a deeper geothermal developer to tap hot rock and deliver more power.
That knowledge helps Fervo bring the time it takes to drill well. The company’s first well took about a month, but this summer, Fervo announced that it was completed in 16 days. “We’re in the middle of the day, on average, for well-drilling,” Jewett said. “That’s pretty good, but we always have more.”
The company’s obsession with drilling time is both economic and prideful. “About half the cost of a well is in drilling time,” Jewett said. Shorter drilling times mean Fervo can complete power plants faster, bringing profits. They are also a sign of mastery. “It’s also a good representation of how you invest in wells, how much trouble, how much trouble you have if you end up spending a lot of money,” he said.
Currently, Fervo is focused on the western US, where hot rock sits on the surface. At the Cape Stesta site in Utah, for example, Fervo had to drill 8,500 feet to tap into 450º Fock.
“If you go to Pennsylvania or West Virginia, (hot rock) is cheaper there,” Jewett said. Only after the company is satisfied that it can quickly drill wells in the west will it expand elsewhere, including abroad.
“There are a lot of places with the most potential around the world,” he said.
But in the US, there are different types of rock for fervo to drill through, giving the potential to build up enough technical experience before moving on to other countries. By that point, Jewett expects regulatory differences to be a major hurdle.
Given Skyrocketing energy demand from data centers and Fervo’s progress at Cape Station, it’s already there Gossip whether the company could go public in the coming year. Jewett wouldn’t comment on them, but he said the company is seeing “Demand” off-the-charts. “